Anyone planning to transfer their money from one bank account to another has multiple options available.
Many banks have options that allow people to transfer their money between banking branches. These options allow people to either transfer money between banks or transfer money to other people's accounts without having to visit an ATM, according to Bankrate.
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Wire transfers
One of the quickest ways to transfer money, wire transfers allow people to transfer money to either a bank or a non-bank provider, such as a finance company. A person can transfer money domestically if they have the routing number, account number, and the name of the recipient. A user may also need the recipient’s address to make transfers.
The speed of wire transfers does come with a cost. Domestic wire transfers cost an average of $26, according to Bankrate's November survey of banks.
Mobile apps
Mobile apps such as PayPal, MoneyGram, and Western Union all allow users to send money to wherever they desire. PayPal users are not fined when moving money from their PayPal accounts to their bank accounts. When transferring money internationally, the fees can start to add up. There is an exchange rate fee that may be required when making transfers in a foreign currency.
Email money transfers
A consumer's bank may have an app that will offer a money transferring service, such as Zelle or Popmoney. Both of these will allow users to send money electronically to someone else so long as the consumer knows the person's email or phone number.
These types of transfers can either be instantaneous or take a few days; instant transfers may come with a fee.
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Write a check
The final way for consumers to transfer money would be the least technologically advanced of these options, but it is still effective in transferring money from one account to another. People can use an official check, also known as a cashier’s check, to deposit money into accounts. There may be a small fee for creating a check.
Before deciding which of these methods to use, consumers should consider a number of things about the type of transfer they wish to make. If a consumer values speed and expediency, wire transfers would likely be much faster than writing a check. Users should also consider the fees all of these means of transferring money can acquire.